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SVTPerformance's Chain of Restaurants
Road Side Pub
7702 plan for retirement?
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<blockquote data-quote="Ohio Snake" data-source="post: 15962971" data-attributes="member: 157862"><p>I have one designed under a second-to-die VUL platform....( been funding for 18 years). I sold it to myself. </p><p></p><p>I have sold a few to other clients for various reasons. </p><p></p><p>Most people have access to a Roth IRA or Roth 401k for tax free investing for retirement. In addition, most companies people work for offer benefits such as group term life and you can obtain a 401k as well. Of course you can buy your own term insurance, if needed. The offerings of roth ira/401k and group/ individual term can possibly eliminate the need to do a 7702 plan. </p><p></p><p>Again, only certain people may find this attractive. If this program interest you and you see a need for one, be sure the policy is designed properly, you understand it fully, you and/or your spouse are healthy and its a long commitment for funding properly.</p><p></p><p>As a side note to keep in mind: Life insurance is the only product that offers a tax-free death benefit, a tax-free cash withdraw provision, a loan provision to access gains tax-free and is considered as a FIFO ( First In First Out) product for tax efficiency. The IRS cant do sh** about it.</p></blockquote><p></p>
[QUOTE="Ohio Snake, post: 15962971, member: 157862"] I have one designed under a second-to-die VUL platform....( been funding for 18 years). I sold it to myself. I have sold a few to other clients for various reasons. Most people have access to a Roth IRA or Roth 401k for tax free investing for retirement. In addition, most companies people work for offer benefits such as group term life and you can obtain a 401k as well. Of course you can buy your own term insurance, if needed. The offerings of roth ira/401k and group/ individual term can possibly eliminate the need to do a 7702 plan. Again, only certain people may find this attractive. If this program interest you and you see a need for one, be sure the policy is designed properly, you understand it fully, you and/or your spouse are healthy and its a long commitment for funding properly. As a side note to keep in mind: Life insurance is the only product that offers a tax-free death benefit, a tax-free cash withdraw provision, a loan provision to access gains tax-free and is considered as a FIFO ( First In First Out) product for tax efficiency. The IRS cant do sh** about it. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
7702 plan for retirement?
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